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Mar 21 - 04:55 PM

USD/JPY - At Risk Of Retracing Rest Of 2015-16 Slide If Last Fibo Is Cleared

By Randolph Donney  —  Mar 21 - 03:40 PM

  • USD/JPY is by 76.4% Fibo of 2015-16's 125.86-99.000 drop, at 119.52

  • Set to close above 100% Fibo objective off 2021's base at 119.35

  • There's some resistance near 120, then at 121.49, the Feb 2016 EBS high

  • The 161.8% Fibo off 2021's base is at 124.52

  • Downtrend since 1982 flashes massive inverted head-and-shoulders risk

  • Prices now above the neckline nL2N2VO1E3; 2007/15 highs eyed @124.16/5.85

  • Prices overbought, but not breaking stride yet

  • Value bid at 118.20 in case there's a near-term correction before breakout

    For more click on FXBUZ


Chart Click here

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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